[US] So where exactly is the money?

I deposited a large check at my bank. They told me my funds would not be available for seven business days. However, the funds disappeared from the originating bank and account the next day. Wire transfers can be made in a day. So where is the money?

 

ANSWER 1

Think of it technically being in your account, the bank just hasn’t made it available yet to you. If the funds are gone from a check maker’s account that means that the two banks have indeed verified the funds are at least there. Since you mentioned it was a larger amount, the hold up in being available to you is probably due to the depositor’s (your) bank making sure it’s a legitimate transaction. For example, if you were hypothetically committing fraud, this gives the check’s maker a chance to notice the debit from their account and cry foul and you haven’t had a chance to run away with the illicit funds.

 

Your money is on hold in your bank. If it’s a large check (over $5,525.00) they reserve the right to hold your check until the funds clear. Usually they will do this if you don’t have the funds in the account to cover the check if it was to come back. It may pull from the originating bank but it’s still not going to be available until after the 7 business days. Keep in mind that the Fed is closed New Years as well.

 

ANSWER 2

Well if you deposited a large check and they told you it would not be available for 7 business days then it has a hold and won’t be able to be used till the hold expires. If these funds were sent via ach they generally will take 2 to 3 business days to complete. If it is a wire then the funds should be there same day unless wiring instructions were not completed correctly.

so you handed your bank a peice of paper(check) that indicates that it is good for the money.

The bank gives you a credit for a portion of the funds, until they can verify the rest of the funds are good.

Your bank probably has already received settlement for these funds from the paying bank. However they can still be at risk of something going awry with that check(piece of paper). The hold time is put in place to protect your bank.

if it was an ACH transfer, it is normal to take anywhere from 3-5 business days. for a large amount, they might be an additional one to 2 business for extra processing.

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